Czech Republic
Non-banks drive rebound in cross-border banking – BIS
First-quarter statistics show non-banks helped drive a turnaround of cross-border banking flows, which had been in retreat
Fresh exchange rate cap remains an option – CNB minutes
Minutes of extraordinary meeting say exchange rate commitment or other unconventional tools cannot be ruled out if deflation risks re-emerge
Czech National Bank abandons koruna floor
The central bank is likely to be happy with the market’s reaction, analyst says
Ending speculation on the Czech forex cap: quo vadis, CNB?
David Vavra suggests a method the Czech National Bank could use to free itself from the mounting pressure on its exchange rate peg, avoiding a “Swiss-style” exit
Czech National Bank reorganises supervision department
Bank says it will increase staffing of revamped division
People: Finland sets out new board responsibilities
Two new members have been appointed to the Czech central bank’s board; new counsellor to Draghi replaces Smets at the ECB
Czech central bank carries out internal reorganisation
Research division to be split between two departments; human resources joins general secretariat, while EU and international organisations division is moved to regulation department
Czech Republic closer to euro adoption but still not ready – CNB
Economy is converging with Europe but costly accession to single supervisory mechanism means country is not ready to begin formal process, CNB says
Eight banks struggle in Czech stress tests
Adverse scenario pushes many banks below regulatory capital minimums, though the system as a whole remains resilient, central bank says
IMF staff suggest using tiers if CNB cuts rates below zero
Fund encourages Czech National Bank to prepare for ‘eventual exit’ from exchange rate commitment; suggests negative rates are viable tool but could damage bank profitability
Prospective eurozone members fail to meet convergence criteria, ECB says
Seven prospective member countries show greater convergence in their economic indicators but fail to meet requirements for their legal frameworks, ECB report says
Board member appointed as next Czech governor
Rusnok has been on the board since 2014 and is a former interim prime minister; he will serve a term of “at least five years”, from July 1
Czech president names two central bank board members
Czech president Milos Zeman appoints two new members to the central bank’s board; both are former colleagues of rumoured next governor Jiří Rusnok
Czech central bank anticipates near-zero inflation in coming months
Czech central bank says monetary policy should have been easier; anticipates inflation falling towards zero in coming months but rising by end of 2016
Chinese and Czech central bank enlarge MoU to include crisis management
Czech National Bank and China’s banking regulator have deepened their existing memorandum of understanding to include working together on crisis-hit banks, Czech governor says
Singer outlines evolution of Czech reserves
Miroslav Singer tells London audience the Czech National Bank reserve allocation remains 'conservative', despite expanding into equities and new currencies in recent years
Czech Republic chooses not to set target date for euro adoption
Government decision follows central bank and ministry of finance advice; authorities cite need for greater real economic convergence as a ‘main barrier’ to adoption
Researchers find ‘strong evidence’ of ECB policy spillovers to CEE countries
Working paper examines the spillover effects of the ECB’s ‘non-standard’ measures since 2007 on the Czech Republic, Hungary, Poland and Romania
CNB’s Miroslav Singer on transparency, China and Basel III
The governor of the Czech National Bank speaks to Christopher Jeffery about transparency challenges, lifting exchange controls, China's slowdown and flaws in Basel III.
Czech governor casts doubt on Basel III
Miroslav Singer says he is ‘very sceptical’ about the shift from the second Basel accord to the third in an interview with the Central Banking Journal
Czech exchange commitment will ‘probably’ run beyond July 2016
Czech National Bank likely to use exchange rate as a monetary policy tool until July 2016 or later; formal extension and negative interest rates discussed but judged unnecessary
CNB faces strategy dilemma when it comes to ending exchange rate floor
Vice governor Mojmir Hampl says the Czech National Bank faces dilemma when it comes to removing its FX floor as it does not want to shock markets; communication will be key
Czech board expects strong growth showing
Board members at the Czech National Bank caught off guard by strong growth in first quarter, minutes show, but expect stronger-than-forecasted growth for rest of year
Czech vice-governor questions case for joining banking union
Mojmír Hampl considers the pros and cons of the Czech Republic joining the SSM; government adopts a ‘wait-and-see approach’ and will review the issue every 12 months